Time To Plan For State Bankruptcies

July 11, 2012

A state bankruptcy is so unthinkable that the law makes no provision for it. It’s time for Congress to re-think this.

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Putting Principle Before Profit

August 9, 2010

Here is a headline you don’t often hear: Investment Bank Turns Down Profit In Favor Of Ethics. In the past few years, the public has learned quite a bit about Wall Street’s inner workings, and it certainly hasn’t been encouraging. Credit ratings agencies are under fire for rating trash as strong securities (see my favorite article on point), and banks are drawing negative attention for using their bailout funds questionably. …

Finance Oracles See Trouble Ahead For Greece

Finance Oracles See Trouble Ahead For Greece December 23, 2009

(Photo ©iStockphoto.com/mbbirdy) When most people think of Greece, they imagine warm ocean breezes and tranquil seaside fishing towns. But these days, when European leaders talk about Greece, the mood is anything but calm. After years of imbalanced budgets, government corruption and widespread tax evasion, Greece is now on the brink of a full-on financial crisis. The country’s debt totals 110 percent of gross domestic product. This year’s deficit is expected …

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Does GM’s Bankruptcy Presage America’s Too?

June 5, 2009

As GM goes, so goes America. Well, I hope not. GM filed for Chapter 11 bankruptcy on Monday because of years of complacency and overextended benefits to its mostly unionized workforce. Not surprising since the auto company, which occupied the driver’s seat in the automobile industry following World War II, has been hemorrhaging customers for decades. Over the last 30 years, GM has been losing almost one percentage point of …

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